Antitrust policy and the question of market dominance

Antitrust policy raises the question of how big is too big and when should intervention be made to ensure fair market competition. Enforcers are now considering the extent of antitrust regulation in various sectors. Antitrust enforcers are at an inflection point, where lax enforcement has allowed harmful mergers and consolidation to occur, resulting in dominant firms with weak incentives to compete. The movement to increase enforcement has gained momentum in recent years, leading to a shift in ideology and different schools of thought. There is a debate between those who advocate for increased enforcement of existing standards and those who call for a complete change in the rules. The consumer welfare standard is an important factor in antitrust enforcement, focusing on harmful effects such as higher prices, lower quality, and loss of innovation. However, the neo-Brandeisians argue for a simpler approach, stating that big is always bad, irrespective of specific harms. This dichotomy in views presents challenges in shaping antitrust enforcement moving forward.